Bank Al-Maghrib keeps key interest rate unchanged at 2.25%

Yesterday 16:10

By: Azzat Manal

Bank Al-Maghrib keeps key interest rate unchanged at 2.25%

Bank Al-Maghrib, Morocco’s central bank, has decided to keep its benchmark interest rate unchanged at 2.25%, maintaining a cautious monetary policy stance amid continued uncertainty over the economic outlook.

The decision was taken during the central bank’s third quarterly monetary policy meeting of 2026, held in Rabat on Tuesday. The bank said the decision reflected the relatively high level of uncertainty surrounding the economic environment, while inflation is expected to remain moderate over the medium term.

The central bank also pointed to an expected strengthening of economic activity outside the agricultural sector, which supported the decision to maintain borrowing costs at their current level. Bank Al-Maghrib said it would continue to closely monitor both domestic and international economic developments before adjusting its monetary policy stance.

The 2.25% benchmark rate plays a central role in determining financing conditions across Morocco’s economy, influencing borrowing costs for households, businesses and financial institutions. Keeping the rate unchanged therefore signals continuity in the central bank’s current approach rather than a new shift in monetary policy.

Bank Al-Maghrib has previously maintained the key rate at 2.25% while emphasizing the importance of price stability and developments in inflation. In December 2025, the central bank also cited easing domestic inflation and international economic uncertainty when it kept the benchmark rate unchanged.

The latest decision comes as Morocco continues to balance inflation management with the need to support economic activity and investment. The central bank has indicated that its future decisions will remain data-dependent, with each monetary policy meeting taking into account the latest available economic and financial indicators.

For businesses and consumers, the unchanged rate means that the central bank is maintaining the existing monetary framework while assessing how economic conditions evolve. Further decisions will depend on inflation trends, domestic activity, external conditions and the overall balance of risks facing the Moroccan economy.